- Garlinghouse criticizes the SEC and the U.S. government regarding Tether.
- Tether maintained dominance despite controversies, indicating resilience.
As a researcher with extensive experience in the cryptocurrency industry, I have closely followed the ongoing developments between Ripple CEO Brad Garlinghouse and Tether (USDT). The recent turn of events, where Garlinghouse backpedaled on his accusations against Tether and acknowledged its importance, has added another layer of intrigue to this complex situation.
I’ve recently noticed an intriguing shift in the stance taken by Ripple CEO Brad Garlinghouse towards Tether (USDT). In a post on his XRP-focused account on May 13th, he made it clear that his previous harsh criticisms were no longer valid. Instead of continually attacking, he expressed a more open and accepting tone towards this stablecoin. It’s an interesting turn of events in the crypto world!
During the podcast, despite what may have been perceived as criticism towards Tether earlier on, I want to clarify that I hold Tether in high regard and consider it a vital component of the crypto market infrastructure.
Further justifying his stance, he added,
The US government has made it clear that they aim to exert greater oversight over issuers of USD-backed stablecoins. Given Tether’s prominent position as the market leader, it follows logically that they would be a prime focus of such regulation.
Behind the scenes
As a crypto investor following the developments in the industry closely, I’ve been keeping tabs on the ongoing tension between Ripple and the U.S. Securities and Exchange Commission (SEC). It all began when Ripple’s CEO made an appearance on the “World Class” podcast, where he openly accused the SEC of overstepping its boundaries with their regulatory actions towards Ripple, using terms like “overreach” and “bullying tactics.”
“The SEC has been a bully.”
The individual voiced his displeasure towards the U.S. administration’s criticism of Tether, adding:
“The U.S. government is going after Tether, that much is clear to me.”
As an analyst, I’ve noticed that this recent development has generated considerable buzz within the crypto sphere. It’s brought to light an increasing friction between cryptocurrency pioneers and regulatory authorities, making Tether the latest figure in this intriguing power struggle.
Tether’s CEO in defense
As a researcher examining developments within the cryptocurrency sphere, I found it intriguing when Tether’s CEO, Paolo Ardoino, joined the debate. In response to Ripple’s CEO’s remarks, Ardoino felt compelled to provide clarification, expressing his perspective publicly.
A CEO dressed in business attire, heading a corporation under SEC scrutiny, is allegedly disseminating apprehension regarding USDT as they introduce a rival stablecoin.
As a financial analyst, I’d highlight that I, myself, can attest to the widespread usage of Tether (USDT) as the globe’s most popular stablecoin. It caters to vast populations in underdeveloped markets and those lacking traditional banking services.
USDT is asserted to offer stability, ample liquidity, superior custodianship, and rigorous compliance, making it indispensable for a robust and secure global financial infrastructure.
Ardano reiterated Tether’s commitment to creating a secure financial system that provides advantages for all.
Various controversies surrounding USDT
As a researcher looking into the events surrounding Tether, I’ve come across some significant controversies that began in October 2023. Senators Cynthia Lummis and French Hill raised concerns about possible involvement of Binance and Tether in facilitating terrorism-related activities.
As a crypto investor, I’ve noticed an exciting development in the world of stablecoins. Specifically, Circle’s USD Coin (USDC) has surpassed Tether in terms of transaction volume. This shift indicates a significant transformation in the crypto marketplace.
The latest events have caused USDT’s value to decrease by 0.03% during the last 24 hours.
Tether still wins the race
To summarize, even with these challenges, the typical USDT supply still outpaces that of USDC on a monthly basis.
USDT’s robustness and supremacy shine through in the face of obstacles, underscoring its enduring appeal and extensive adoption over USDC.
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2024-05-14 15:04